Mabwell(688062) 国联证券·2024-11-04 14:17Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 141 million yuan for Q3 2024, representing a year-on-year growth of 41.79%, with a quarterly revenue of 25.57 million yuan, showing a significant increase of 167.73% [2][6] - The company has three commercialized products, with sales from Mai Li Shu reaching 23.56 million yuan in Q3, and Mai Wei Jian generating 1.49 million yuan in the same period [6] - The company has initiated two Phase III clinical trials for 9MW2821 in Q3, targeting cervical cancer and first-line treatment for urothelial carcinoma [6] Summary by Sections Financial Performance - Revenue for 2024 is projected to be 220 million yuan, with a growth rate of 72.49% [7] - The company expects revenues of 1.09 billion yuan in 2025 and 2.27 billion yuan in 2026, with growth rates of 396.15% and 107.68% respectively [7] - Net profit is forecasted to be -849 million yuan in 2024, improving to -199 million yuan by 2026 [7] Product Development - The company has three listed products, with Mai Li Shu and Mai Wei Jian showing significant market penetration across multiple provinces and hospitals [6] - The clinical pipeline includes G-CSF in NDA stage, and other ophthalmic drugs in Phase III trials [6] Market Position - The company has established a presence in 30 provinces with 1,336 hospitals and 2,632 pharmacies for Mai Li Shu, and 25 provinces with 42 hospitals and 653 pharmacies for Mai Wei Jian [6]